Posts Tagged ‘mobile payment’

Trends in Mobile Payment

Wednesday, May 7th, 2014

Mobile payment is an increasingly popular trend. This makes a ton of sense when we look at the increase in overall mobile activity, from sales to marketing to everyday use. But when it comes to mobile payment, the steady rise is sure to affect everyone from retailers and merchants to those in the gift card business.

In this infographic, by e-complish, we can learn a lot about mobile payment trends and growth. In 2012 mobile payments only amounted to $1.5 million, but by the following year, that number had grown to $4.5 million, showing the exponential growth that the mobile payment industry is currently seeing. The U.S. and China are two of the leading countries in mobile use, meaning that they’ll also be key countries for growth in mobile payments. Sixty one percent of U.S. adults own a smartphone, meaning that mobile payments will likely spread to many of those 61 percent, if they haven’t already.

Mobile payments crept into the payment systems and now have skyrocketed in popularity. It has been predicted that by the year 2025, as much as 20 percent of all purchases will be made on a mobile device. Because of the new trend, we’re also seeing a growth in mobile payment apps and “mobile wallets.” Keep your eye out for larger shifts in technology as we see more and more consumers paying for purchases on their mobile devices.

 

mobile payment

Digital Gift Cards Pave Way for A Seamless Future

Tuesday, February 18th, 2014

Digital gift cards are combining the traditional uses of gift cards as currency among gifters and gift receivers, and the cutting edge technology of mobile payments. As mobile payments and mobile wallets because more common at retailer POS, employers can begin to think of digital gift cards as easier solutions to employee reward, health and wellness and safety programs. Here are three reasons digital gift cards are the wave of the gift card future:

  • Digital gift cards as branded, promotional currency. Digital gift cards are still a brand interaction. When an employee receives the email from your employee rewards program they see a gift and it reinforces the behavior that caused them to earn that gift card. For retailers, the branded nature of the communication begins their consumer interaction. Creating a smooth, easy-to-use brand experience is key.
  • Ease of use and convenience drive adoption. Digital gift cards are easy for employers to distribute and easy for consumers to redeem. The seamless nature of a digital transaction drives adoption with HR departments looking to buy and distribute the cards, and the employees who earned the rewards and are looking to spend them wherever they may be (in-store, online or on a mobile device).
  • A positive user experience breeds repeat behavior. When the user experience is smooth for both the giver and receiver, repeat behavior is inevitable. As digital gift cards and mobile payments become more common, employers will adopt the distribution channel.

For more information on how digital gift cards will gain traction check out this article from Retail TouchPoints.

Payment Systems and Gift Cards Going Mobile

Thursday, June 14th, 2012

As smartphones become more prevalent in the daily lives of consumers, retailers are constantly coming up with ways to reach these consumers in the space where they are spending an increasing amount of time……….on their mobile devices. While systems like Square and PayPal previously targeted small to medium sized businesses, they have moved into the top tier retail space. This will allow consumers to make payments using their mobile device, instead of having to carry around a wallet full of plastic.

Due to the increased importance and usage of smartphones, retailers are also making gift cards available through a mobile device more and more frequently. Not only is it easier for the person recieving the gift card to redeem their gift, but it also revolutionizes the way a friend, or employer delivers the gift. There is added convenience on both sides of the gift card. Imagine giving rewards to employees on a rolling basis through a spot rewards program. The employer can deliver rewards witha click of a button to any number of employees in any number of locations. Mobile gift cards are also revolutionizing the mobile retail space and transforming the way people give and receive gifts.

For more information check out this article and interview with Ken Paull, Executive Vice President of ROAM Data, from PYMNTS.com.

Industry Giants Combine for Contactless Payments during London 2012 Olympics

Thursday, April 12th, 2012

Longtime Olympic sponsor Visa, and cell phone giant Samsung have combined forces to launch a mobile app that will allow for patrons at the 2012 London Olympics to pay for purchases with a wave of their hand. The Visa payWave technology uses Radio Frequency Identification (RFID) technology to allow consumers to pay with a wave of their mobile phone, with an approved smartphone at a specially designed mobile payment terminal. Although the technology is limited to consumers who have the approved device, this technology is believed to take less time at POS than any credit card, debit card, or cash transaction. Additionally, statistics from credit card comapnies show that consumers tend to spend more per transaction at mobile payment terminals.

This technology, if it catches on from the global exposure at the 2012 Summer Games, could revolutionize payment systems. Imagine being able to redeem a gift card with a wave of your hand, instead of waiting in line to redeem your gift. The time efficiency and convenience of payment could revolutionize payments, as well as change the way consumers handle their smartphones. Phones could turn into a consumer’s, phone, computer, wallet, and bank all tucked safely into their pocket.

How do you see Contactless Payment affecting credit, debit, and gift card use going forward? For more information check out this Point of Sale News article.

Why Mobile & Virtual Gift Cards are Becoming a Way of Life

Tuesday, March 22nd, 2011

Mobile technology is heating up, especially within the gift card industry. GiftCard Partners’ marketing team outlines how mobile technology integrates gift cards into our always on the go, mobile lifestyles.

Some of us are more likely to leave our house with our mobile phone than our wallet or license … mobile technology is now engrained in our lives; our own mobility is sometimes dependent on having our phone with us.

88% of mobile phones are now text enabled and 64% are internet enabled, and the surprising fact; 50% of Americans say they “can’t live” without their mobile phone and 50% of Americans sleep with it nearby[1]. Read about how and why mobile gift cards are becoming a way of  life.


[1] Synovate global mobile-phone survey